Help! Worth Buying This Flat? 5room Sengkang Near Mall

[macadamia3050 0]

Hi folks,

Me n my hubby recently forked out $1K to purchase the option for following flat:

Where: Seng Kang, 3min walk from rivervale mall & abt 15min walk from Seng Kang MRT station

Type: 5I (110sqm)

Valuation: $400K

COV: $36K

Floor: Top floor corner

For a <10yr old flat, this unit is rather lok kok (ill-maintained).. need to really renovate the kitchen n 2 bathrooms.. not much major built-in carpentry except for the kitchen cabinets & a wardrobe in MBR.. we like the location & high floor, but is $36K too much to pay for a lok lok flat when other Seng Kang flats seem so new..? n cos of the high cov, we've got not much left for reno (definitely need a loan fr bank)

Appreciate all your advice! many many thx..!

[therat 18]

buy flat is a very subjective question.

As long as the flat meet your requirement and the price is within your range.

can liao

What other ppl think should not bother you.

You and your family are the one staying there, not them.

Side note:

u pay $36k for a top floor , >10 yrs flat.

I pay $44k for a mid floor, 30 yrs old flat.

Does it make you feel better?

[salavanun 0]

400k for 5 room young flat is a good valuation

cov for rundown flats from 2nd floor also start @ 20k up

consider this factors yrs good deal i suppose, cheers

[bepgof 20]

- Here comes the bird, cheap, cheap, cheap..........

- Sound like u "a bit" regret?

- In life, all things, before u "take it", make sure u can "put it down", otherwise always ended up in misery/yesterday.

- Aim, take it and no U-turn.

- Or don't "touch" at all.

Edited June 4, 2010 by bepgof

[blueocean 0]

This is a classic example of postdecision cognitive dissonance - "Buyer's remorse is the feeling of regret after a purchase. It is frequently associated with the purchase of higher value items such as a car or house. It may stem from a sense of not wishing to be wrong, of guilt over extravagance or from feeling that one has been persuaded by a salesman"

There will always be a COV for premium like (1) Top floor (2) Corner (3) Close to mall (4) Close to MRT.

You can always apply for a renovation loan.

Hi folks,

Me n my hubby recently forked out $1K to purchase the option for following flat:

Where: Seng Kang, 3min walk from rivervale mall & abt 15min walk from Seng Kang MRT station

Type: 5I (110sqm)

Valuation: $400K

COV: $36K

Floor: Top floor corner

For a <10yr old flat, this unit is rather lok kok (ill-maintained).. need to really renovate the kitchen n 2 bathrooms.. not much major built-in carpentry except for the kitchen cabinets & a wardrobe in MBR.. we like the location & high floor, but is $36K too much to pay for a lok lok flat when other Seng Kang flats seem so new..? n cos of the high cov, we've got not much left for reno (definitely need a loan fr bank)

Appreciate all your advice! many many thx..!

[bepgof 20]

This is a classic example of postdecision cognitive dissonance - "Buyer's remorse is the feeling of regret after a purchase. It is frequently associated with the purchase of higher value items such as a car or house. It may stem from a sense of not wishing to be wrong, of guilt over extravagance or from feeling that one has been persuaded by a salesman"

There will always be a COV for premium like (1) Top floor (2) Corner (3) Close to mall (4) Close to MRT.

You can always apply for a renovation loan.

Well said. This is also a typical case of Human self-reflection, and hopfully not Russian's classical conditioning responding.

Edited June 4, 2010 by bepgof

[eiffel76 1]

hi is ur new flat at the blk 130+, facing the TPE?

[Plastic3 0]

The median COV for 5-rooms in Sengkang in the first quarter of 2010 is $30,000.

Since yours is a top floor, corner unit plus near to mall...it is not unreasonable to pay more than the average.

[Amy Choon 1]

what makes you fork out that 1k? there must be something that you like?

[ngunadi 2]

At this time, 36k seems alright. Although it's "far" from mrt (15 mins walk).

If it's unblocked, far from TPE (so less dust), it's worth it.

[forgotten 1]

Your place is very convenient. Very near rivervale mall that has NTUC, foodcourt etc. Very near primary school. Near punggol road busstop that has many buses going to different towns.

My 2 friends paid 35K and 38K for mid-floor units in Sengkang that are 4-5 bus-stops away (impossible to walk to mrt station). For them, unblocked view is the most important hehe.

I guess everyone goes for different factors during house-hunting. As long you are happy with the unit, it will be worth the price. You will be staying there for at least a few years.

Edited June 4, 2010 by forgotten

[gotcha 0]

But it seems like COV maybe heading south given the increase in supply of new flats. Also, looking at recent transacted prices from HDB, prices seem to be stabilizing (unlike the huge surge seen late last yr and early this yr). If not in a hurry maybe can just wait? Likely COV will stablize to around 20-30k for most units in Sengkang.

Your place is very convenient. Very near rivervale mall that has NTUC, foodcourt etc. Very near primary school. Near punggol road busstop that has many many buses going to different towns.

My 2 friends paid 35K and 38K for mid-floor units in Sengkang that are 4-5 bus-stops away (impossible to walk to mrt station). For them, unblocked view is the most important hehe.

I guess everyone goes for different factors during house-hunting. As long you are happy with the unit, it will be worth the price. You will be staying there for at least a few years.

[forgotten 1]

But it seems like COV maybe heading south given the increase in supply of new flats. Also, looking at recent transacted prices from HDB, prices seem to be stabilizing (unlike the huge surge seen late last yr and early this yr). If not in a hurry maybe can just wait? Likely COV will stablize to around 20-30k for most units in Sengkang.

I'm not sure how the resale market will go for the later half of this year, hard to predict It's expected that some price resistance from buyers will take place sooner or later, and there's uncertainty about Europe economy. On the other hand, not everyone is willing to wait 4 years for the new flats and Singapore govt is not yet closing the floodgate to foreigners. The new flats will only enter the resale market in 8-9 years time.

Personally, I thought resale unit prices would drop during the economy crisis, so I decided to postpone my purchase in 2008. In the end, prices went up in 2009 and I got to pay 80K more for my unit in late 2009.

Edited June 4, 2010 by forgotten

[bepgof 20]

I'm not sure how the resale market will go for the later half of this year, hard to predict It's expected that some price resistance from buyers will take place sooner or later, and there's uncertainty about Europe economy. On the other hand, not everyone is willing to wait 4 years for the new flats and Singapore govt is not yet closing the floodgate to foreigners. The new flats will only enter the resale market in 8-9 years time.

Personally, I thought resale unit prices would drop during the economy crisis, so I decided to postpone my purchase in 2008. In the end, prices went up in 2009 and I got to pay 80K more for my unit in late 2009.

See below tables for coming land sales & homes/office/hotel/shop, see you scare or not.

http://img109.imageshack.us/img109/3149/landsale20103q.jpg

http://img15.imageshack.us/img15/6008/home20102014page1.jpg

http://img708.imageshack.us/img708/5487/ho...102014page2.jpg

http://img718.imageshack.us/img718/985/home20102014page3.jpg

http://img97.imageshack.us/img97/9559/home20102014page4.jpg

Edited June 4, 2010 by bepgof

[forgotten 1]

See below tables for coming land sales & homes, see you scare or not.

Increase land releases - haha govt wants to stop the aggressive biddings by developers and stablise/push down the prices of property?

The house and office supply in the next few years look scary. Dunno if it'll lead to property market crash?

Edited June 4, 2010 by forgotten